The COVID – 19 virus and efforts intended to slow or stop the spread of the virus have presented numerous challenges for credit unions – including, in many cases, first-time execution of business continuity plans; protecting...more
The FFIEC recently issued updated guidance on actions that banks should take to minimize the potential adverse effects of a pandemic. The Interagency Statement on Pandemic Planning (“Interagency Statement”) released on March...more
3/16/2020
/ Banking Sector ,
Banks ,
Business Continuity Plans ,
Coronavirus/COVID-19 ,
Corporate Governance ,
Cybersecurity ,
Emergency Management Plans ,
Emergency Response ,
Employer Responsibilities ,
Financial Institutions ,
Interagency Guidance ,
Internal Communications ,
Public Communications ,
Public Health ,
Workplace Safety
Federal Reserve Revises Framework for Determining Control of a Banking Organization
The Federal Reserve has adopted a final rule to simplify and clarify its regulations for determining control of a banking organization for...more
2/27/2020
/ Bank Holding Company Act ,
Banking Sector ,
CFTC ,
Comment Period ,
Community Reinvestment Act ,
Fannie Mae ,
FDCPA ,
FDIC ,
Federal Reserve ,
FFIEC ,
FHFA ,
Financial Institutions ,
Freddie Mac ,
Ginnie Mae ,
HMDA ,
Mortgage Lenders ,
Mortgages ,
NPRM ,
OCC ,
Securities and Exchange Commission (SEC) ,
Time-Barred Debt ,
Volcker Rule
The FDIC and OCC have issued new guidance for banks on heightened cybersecurity risks facing the financial services industry because of increased geopolitical tensions and threats of aggression. The guidance published on...more
1/30/2020
/ Auditors ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Cybersecurity ,
Data Breach ,
Dodd-Frank ,
FDIC ,
Federal Savings Associations ,
FFIEC ,
Financial Abuse ,
Financial Institutions ,
Insurance Industry ,
Legal Opinion ,
New Guidance ,
OCC ,
Payment Systems ,
Popular ,
Reporting Requirements ,
Risk Management ,
Third-Party Service Provider ,
Transaction Fees
FDIC and OCC Propose CRA Modernization Rule with Opt-Out for Small Banks
The FDIC and the OCC have jointly proposed amendments to modernize the agencies’ Community Reinvestment Act (“CRA”) regulations, which are intended...more
12/23/2019
/ Agricultural Sector ,
Bank Deposits ,
Bank Secrecy Act ,
Banks ,
Broker-Dealer ,
Brokered Deposits ,
Community Reinvestment Act ,
FDIC ,
FinCEN ,
FinTech ,
Hemp ,
Hemp Related Businesses ,
Marijuana ,
Marijuana Related Businesses ,
NCUA ,
Nonbank Firms ,
OCC ,
Opt-Outs ,
Pending Legislation ,
Proposed Amendments ,
Regulatory Standards ,
Small Banks ,
State Securities Regulators ,
Suspicious Activity Reports (SARs) ,
Underwriting ,
USDA
OCC and FDIC Propose Interest Rate Fix for Loans Transferred to Non-Banks -
The FDIC and OCC have separately proposed rules that would codify the “valid-when-made” doctrine and clarify that when a bank sells, assigns, or...more
11/26/2019
/ Appraisal ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
EGRRCPA ,
FDIC ,
Federal Reserve ,
Final Rules ,
HVCRE Loans ,
Interest Rates ,
IRS ,
Mortgages ,
OCC ,
Regulation Z ,
SAFE Act ,
Tax Cuts and Jobs Act ,
Truth in Lending Act (TILA) ,
Valid When Made Doctrine
Federal Banking Agencies Issue Final Rule to Simplify Regulatory Capital Calculations -
The federal banking agencies have issued a final rule that simplifies several requirements in the agencies' regulatory capital rules...more
7/29/2019
/ Automotive Loans ,
Banking Sector ,
BSA/AML ,
Capital Requirements Regulation (CRR) ,
Change in Control ,
Depository Institutions ,
EGRRCPA ,
FASB ,
FinCEN ,
Liens ,
Marijuana ,
Marijuana Related Businesses ,
New Guidance ,
Proposed Legislation ,
Safe Harbors ,
Volcker Rule
Federal Banking Agencies Expand Eligibility to Use Streamlined Call Reports -
The federal banking agencies have adopted a final rule to reduce regulatory reporting requirements for certain banks with total assets of less...more
6/27/2019
/ Best Interest Standard ,
Broker-Dealer ,
Call Reports ,
Community Banks ,
Disclosure Requirements ,
EGRRCPA ,
FDIC ,
FFIEC ,
Final Rules ,
Financial Institutions ,
Liquidity Coverage Ratio ,
Mortgage Lenders ,
Mortgages ,
Municipal Bonds ,
Municipalities ,
New Guidance ,
OCC ,
Reporting Requirements ,
Securities and Exchange Commission (SEC)
OCC Adopts Final Rule to Allow Federal Thrifts to Exercise National Bank Powers
The OCC has issued a final rule that will allow federal savings associations with total consolidated assets of $20 billion or less as of...more
5/30/2019
/ Banking Sector ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collectors ,
Electronic Communications ,
Federal Pilot Programs ,
Federal Savings Associations ,
Final Rules ,
Financial Institutions ,
FinTech ,
HMDA ,
OCC ,
Proposed Amendments ,
Regulation C ,
Reporting Requirements ,
Special Purpose National Bank Charter
FDIC Shares Examiners’ Expectations for Contracts with Technology Service Providers -
The FDIC has issued guidance on examiners’ expectations for provisions of contracts between banks and technology service providers...more
5/1/2019
/ Accounting Standards ,
Banking Sector ,
EGRRCPA ,
FDIC ,
Federal Reserve ,
FinTech ,
Global Systemically Important Banks (G-SIBs) ,
HMDA ,
Insolvency ,
Marijuana ,
Marijuana Related Businesses ,
Regulatory Authority ,
Safe Harbors
FFIEC Issues Principles for Examiners in Developing Reports of Examination -
The Federal Financial Institutions Examination Council (“FFIEC”) has issued a policy statement that describes the minimum expectations for what...more
3/29/2019
1. FDIC Proposes Changes to Deposit Insurance Assessment Rule for CBLR Banks
The FDIC has published a proposal that describes how the agency would apply the Community Bank Leverage Ratio (“CBLR”) framework previously...more
2/28/2019
/ Ability-to-Repay ,
Banking Sector ,
Community Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
CSBS ,
Deposit Insurance ,
Farm Credit Administration ,
FDIC ,
Federal Bank Regulatory Agencies ,
FinTech ,
Flood Insurance ,
Leverage Ratio ,
Payday Loans ,
Prepaid Payment Products ,
Student Loans
New Data Breach Law Requires Free Credit Monitoring for Massachusetts Consumers -
Recent amendments to the Massachusetts data security breach law will require any person – including, in relevant part, any bank or any bank...more
1/31/2019
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Monitoring ,
Data Breach ,
Enforcement ,
Government Shutdown ,
Marijuana ,
Marijuana Related Businesses ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
RESPA
FDIC Approves 3-Year Phase-In for Adverse Effects on Capital from CECL -
The FDIC has approved a final rule that will provide banks with the option to phase in over a three-year period the day-one adverse effects on...more
12/21/2018
/ Banking Examinations ,
Banking Sector ,
Banks ,
BSA/AML ,
Community Banks ,
EGRRCPA ,
FDIC ,
Federal Deposit Insurance Act ,
Final Rules ,
FinCEN ,
Volcker Rule
Federal Banking Agencies Propose Alternative Capital Framework for Community Banks -
The federal banking agencies have proposed a new community bank leverage ratio (“CBLR”) framework that would simplify regulatory capital...more
12/3/2018
/ Appraisal ,
Bank Deposits ,
Banking Sector ,
Call Reports ,
Class Action ,
Community Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deposit Insurance ,
Depository Institutions ,
Dodd-Frank ,
EGRRCPA ,
FDIC ,
Federal Reserve ,
FFIEC ,
Inflation Adjustments ,
Overdraft Fees ,
Regulation M ,
Regulation Z ,
Residential Real Estate Market
Agencies Issue Joint Statement on BSA/AML Resource Sharing Arrangements -
The federal banking agencies, along with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) and the NCUA, have...more
10/31/2018
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
Business Licenses ,
Cole Memorandum ,
Comment Period ,
Cybersecurity ,
Department of Justice (DOJ) ,
Dispensaries ,
Electronic Payment Transactions ,
Federal Reserve ,
FFIEC ,
FinCEN ,
FIRREA ,
HVCRE ,
HVCRE Loans ,
Joint Statements ,
Marijuana Related Businesses ,
NIST ,
Payment Systems ,
Property Valuation
Federal Banking Agencies Issue Joint Statement on the Role of Supervisory Guidance -
The federal banking agencies, along with the CFPB and the NCUA, have issued a joint statement clarifying the role of supervisory...more
Headlines -
...OCC to Begin Accepting Applications for Bank Charters for Fintech Companies
...Agencies Issue Rules Implementing 18-Month Exam Cycles for Community Banks...more
8/31/2018
/ Bank Holding Company ,
Banking Examinations ,
Banking Sector ,
Community Banks ,
EGRRCPA ,
FinTech ,
Fintech Charter ,
Liquidity Coverage Ratio ,
Municipal Securities Issuers ,
Notice Requirements ,
OCC ,
Regulation P
Headlines -
...Guidance Issued on Immediate Implementation of Certain Provisions of the EGRRCPA
...Federal Appeals Court Rules That the FHFA Is Unconstitutionally Structured
...OCC Issues Updated Guidance on...more
Federal Banking Agencies Propose to Ease Compliance Burdens Under the Volcker Rule -
The federal banking agencies, together with the SEC and the CFTC, have jointly proposed to amend the Volcker Rule to tailor the...more
Economic Growth, Regulatory Relief, and Consumer Protection Act Signed into Law
President Trump signed into law the Economic Growth, Regulatory Relief, and Consumer Protection Act (the “EGRRCPA”) on May 24. The EGRRCPA...more
5/31/2018
/ Banking Sector ,
Best Interest Standard ,
Broker-Dealer ,
BSA/AML ,
Community Banks ,
Consumer Financial Products ,
Customer Due Diligence (CDD) ,
Depository Institutions ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
FASB ,
FFIEC ,
Investment Advisers Act of 1940 ,
Leverage Ratio ,
Military Lending Act ,
Military Service Members ,
New Guidance ,
Regulation CC ,
Securities and Exchange Commission (SEC)
Treasury Report Recommends Changes to Community Reinvestment Act Rules -
The U.S. Department of the Treasury has released a report recommending changes to the federal banking agencies’ rules that implement the Community...more
4/27/2018
/ Bank Secrecy Act ,
Banking Sector ,
Commercial Real Estate Contracts ,
Community Reinvestment Act ,
Customer Due Diligence (CDD) ,
Cyber Insurance ,
Cybersecurity ,
Decriminalization of Marijuana ,
EU ,
Federal Budget ,
FFIEC ,
FinCEN ,
General Data Protection Regulation (GDPR) ,
Medical Marijuana ,
Proposed Legislation ,
U.S. Treasury
Small Bank Holding Company and Qualified Mortgage Regulatory Relief Bills Pass House
The U.S. House of Representatives has passed two regulatory relief bills with bipartisan support, one of which would raise the ceiling on...more
2/28/2018
/ Bank Holding Company ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Act ,
Farm Credit Administration ,
FHFA ,
FinTech ,
Money Services Business ,
Multistate Tax Compact ,
Pending Legislation ,
Qualified Mortgage Rule ,
RESPA ,
Stress Tests ,
Swaps
Attorney General Rescinds Federal Marijuana Enforcement Priorities -
U.S. Attorney General Jeff Sessions has rescinded all nationwide guidance previously issued by the Department of Justice ("DOJ") to federal prosecutors...more
Federal Banking Agencies Issue New Guidance for Banks Affected by a Major Disaster -
The federal banking agencies have jointly issued new guidance on the supervisory practices to be followed in assessing the financial...more
12/27/2017
/ Bank Secrecy Act ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Dodd-Frank ,
FDIC ,
Financial Crisis ,
FinCEN ,
HMDA ,
Natural Disasters ,
NIST ,
Regulation C ,
Regulation M